Bank of America Corp appointed on Tuesday two new directors to asset manager BlackRock Inc's board, swapping current and former bank employees.
Sallie Krawcheck, 44, Bank of America's head of global wealth and investment management, and corporate treasurer Mark Linsz, 45, replace Brian Moynihan and Dan Sontag on BlackRock's 16-member board.
The reshuffling involves two potential successors for retiring Bank of America Chief Executive Ken Lewis. Krawcheck and Moynihan have been identified as possible Lewis replacements.
A BlackRock spokesman and Bank of America spokeswoman declined to comment beyond a statement issued by BlackRock on the board changes.
Charlotte, North Carolina-based Bank of America has the right to appoint two directors to BlackRock's board at will, under a shareholder agreement inherited from its Merrill Lynch purchase.
Bank of America replaces both Sontag and Moynihan after less than a year on BlackRock's board.
Moynihan was selected for BlackRock's board in late February, when he ran Bank of America's global wealth and investment management business. Sontag, a former Merrill Lynch executive, joined in early March.
Moynihan now runs the bank's retail and consumer unit, and Sontag left the combined company in August, after running Merrill Lynch's Global Wealth Management.
The changes were made at a regularly scheduled BlackRock board meeting.
(Reporting by Joe Rauch; Editing by Tim Dobbyn)